08:54     PANVA GAS HOLD<08132> - Yearly Results Announcement (2)             

                                                                              
    Diluted earnings per share for the period ended 31 December 2004          
    was calculated based on the net profits of HK$278,500,000                 
    adjusted for the interest on convertible note and on the                  
    weighted average number of 1,055,691,000 shares, adjusted for             
    the outstanding share options of 19,341,000 shares and                    
    convertible bonds of 97,851,116 shares  during the period.                
                                                                              
    Diluted earnings per share for the period ended 31 December 2003          
    was calculated based on the net profits of HK$214,482,000                 
    adjusted for the interest on convertible note and on the                  
    weighted average number of 706,519,000 shares, adjusted for               
    the outstanding share options of 25,884,000 shares and                    
    convertible bonds of 65,234,000 shares  during the period.